Greater Norfolk Corporation
- Assets
- $109.2k
- Revenue
- $217.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Norfolk, VA
- Founding
- 00/0000
- Data as of
- 05/2023
- EIN
- 54-1081488
Organization Overview
Greater Norfolk Corporation is located in Norfolk, VA. The organization was established in 0000. According to its NTEE Classification (S46) the organization is classified as: Boards of Trade, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 05/2023, Greater Norfolk Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Norfolk Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 05/2023, Greater Norfolk Corporation generated $217.5k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $199.1k during the year ending 05/2023. While expenses have increased by 1.9% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PARTICIPATE IN THE ECONOMIC REVITALIZATION AND DEVELOPMENT OF THE CITY OF NORFOLK BY MARSHALING THE RESOURCES OF THE PRIVATE SECTOR IN SUPPORT OF THE CITY AND ITS AGENCIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPED AND ARE CURRENTLY IMPLEMENTING A PLAN AND STRATEGIES TO HELP BUILD AN ENTREPRENEURIAL CLIMATE IN NORFOLK (AND THE REGION) THAT WILL JUMPSTART THE DEVELOPMENT AND GROWTH OF INNOVATION BASED BUSINESSES AND JOBS, INCLUDING ESTABLISHMENT OF A NATIONAL CALIBER CAREER/TECHNICAL HIGH SCHOOL IN NORFOLK; ELEVATING THE ELIZABETH RIVER TRAIL INTO A WORLD CLASS ASSET THAT WILL BE A MAGNET FOR ATTRACTING AND RETAINING TALENT AND ESTABLISHMENT OF AN INNOVATION CORRIDOR/DISTRICT STRETCHING FROM OLD DOMINION UNIVERSITY TO NORFOLK STATE UNIVERSITY THAT INCLUDES ANCHOR INSTITUTIONS IN EDUCATION, HEALTH CARE, THE ARTS AND BUSINESS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alfred Abuhamad Board Member | Trustee | 1 | $0 |
Dr Javaune Adams-Gaston Board Member | Trustee | 1 | $0 |
Mayor Kenneth Alexander Board Member | Trustee | 1 | $0 |
Edward Amorosso Board Member | Trustee | 1 | $0 |
Joel Andrus Board Member | Trustee | 1 | $0 |
Shawn Avery Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $189,450 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $28,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $217,450 |
| Total Program Service Revenue | $0 |
| Investment income | $20 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $217,470 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $42,800 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $87,361 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,131 |
| Pension plan accruals and contributions | $2,400 |
| Other employee benefits | $6,152 |
| Payroll taxes | $9,381 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,243 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,106 |
| Information technology | $5,232 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,774 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,254 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,937 |
| Insurance | $3,895 |
| All other expenses | $5,464 |
| Total functional expenses | $199,130 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $102,952 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,179 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,060 |
| Other assets | $0 |
| Total assets | $109,201 |
| Accounts payable and accrued expenses | $4,856 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,856 |
| Net assets without donor restrictions | $104,345 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $109,201 |